(TheNewswire)
Vancouver, B.C. - TheNewswire - November 9, 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) (OTC:GILXF) announces that it has received the interpretation of the 24 line kilometer Induced Polarization (“IP”) survey on its 100% owned JMW gold property.
Highlights of the IP Survey
-
- Survey covered three distinct types of mineralization/targets (Figures 1 and 2) including sedimentary and intrusive rocks (tonalities) that have seen little previous exploration;
- The detailed interpretation has outlined several areas of high priority that correspond to previously identified gold mineralization;
- Thirteen zones of interest (labeled A to M in Figure 1) highlighted by chargeability anomalies (See Figure 1 dark lines). Of the 13 identified zones, six have been given a high priority as targets for testing by diamond drilling.
- Strong anomalies occur in the sedimentary rocks (Figure 1) – these rocks are known to host gold deposits and occurrences in the Chapais-Chibougamau area and the sedimentary rocks will be a focus of further work by Company.
Click Image To View Full Size
Figure 1: Geology, Exploration Target Areas and Induced Polarization Chargeability Anomalies. White lines were surveyed by IP, Magnetometer and VLF=EM. Red Lines were surveyed by magnetometer and VLF-EM only.
Click Image To View Full Size
Figure 2: Typical Pseudo-section from the IP survey demonstrating the different styles of gold mineralization.
Target Areas on JMW(Figure 1 and 2):
Target 1: Drilling in the 1980’s was relatively shallow and gold intersections have demonstrated good widths and grades of gold mineralization. This could indicate that drilling intersected the peripheral margin of more significant grades, possibly at depth. Past diamond drilling included:
-
- 0.52 g/t gold over 12.2 metres in a mineralized, felsic porphyry intruded into sericite schists.
- 0.31 g/t gold over 11.6 metres was intersected about 60 metres downhole near the south boundary of a felsic porphyry intrusion with quartz veining and pyrite mineralization.
- 0.83 g/t gold over 9.1 metres also in a mineralized, felsic porphyry in between mafic volcanic rocks to the north and sericite schists to the south.
Target 2: More recently, work by previous operators has focussed on areas north of the 1980’s drilling. Grab samples included; 5.02, 4.83, and 4.08 g/t gold in intrusive rocks with quartz veining and disseminated pyrite as well as altered porphyritic rocks with quartz veining and pyrite mineralization in rocks of tonalitic composition.
Target 3: Current exploration on strike with the JMW property by other companies has indicated that gold may also be associated with sedimentary rocks to the south of the Guercheville Deformation Zone. The JMW property has a thick sequence of these rocks that have seen little exploration in the past.
Figure 2: Geology, Exploration Target Areas and Induced Polarization Chargeability Anomalies. White lines were surveyed by IP, Magnetometer and VLF=EM. Red Lines were surveyed by magnetometer and VLF-EM only.
About the JMW Property
JMW is located along the Guercheville Deformation Zone which is host to past producers of gold and copper and many gold projects that are currently active (Figure 4). The past producing Joe Mann Mine is located approximately 45 km east on the Guercheville structure The Joe Mann mine produced approximately 1.5 million ounces of gold at an average grade of 8.3 g/t gold(1). The Fenton-Sud Prospect which has a historically reported 426,173 tonnes at a grade of 4.66 g/t gold(1) is located about 12 km northwest of the JMW property on the same trend.
-
(1)Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine or Fenton Sud Property, and that mineral deposits and production results from the Joe Mann mine are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.
In addition, companies such as Northern Superior and Iamgold-Vanstar are actively exploring structural zones in the sedimentary rocks south of the Guercheville Fault Zone. Northern Superior Resources reported drill intersections of 2.02 g/t AuEq over 42.60m at Lac Surprise located about 30 km southwest of the JMW Property (See Northern Superior Press Release July 6, 2021). Immediately to the east of the Northern Superior Property is the Nelligan property being explored by Iamgold-Vanstar with a resource of 97 Mt grading 1.02 g/t gold.
The mineralization on the Northern Superior and Iamgold-Nelligan properties is hosted in sedimentary rocks (mainly greywacke) with moderate to strong pyrite content varying between 2% to 6% mostly in thin dissemination, fractures, veinlets controlled and often in stringers) spatially related to moderate to strong silicification and sericitization.
The southern portion of the JMW property hosts geology similar to the Northern Superior and Iamgold Nelligan (Target 3 above). The moderate to strong pyrite content would be detected by Induced Polarization surveys. The recent IP survey completed by Gitennes on the JMW property has detected strong IP chargeability anomalies in the sediments south of the Guercheville Fault (See Figure 2);
-
- Exploration by previous operators included airborne and ground geophysical surveys, geological mapping, prospecting and diamond drilling. The majority of the past work was done in the 1980’s in the vicinity of the Guercheville Deformation Zone in a package of felsic to mafic volcanic rocks, intruded by porphyritic rocks all with varying degrees of sulphide and quartz mineralization. Gold mineralization detected in the past has been associated with the mineralized porphyritic rocks and altered felsic volcanics.
Click Image To View Full Size
Figure 3: JMW Property Location Map with Significant Exploration in the Area
The Company also announces that, it has closed the final tranche of itspreviously announced non-brokered private placement (the "Placement") (see news release dated October 26, 2021). The Placement raised aggregate gross proceeds of $409,700 through the sale of: (i) 2,857,500 flow-through shares at the price of $0.06 per share; and (ii) 2,950,000 non-flow-through units at a price of $0.05 per unit (each, a "Unit").
Each Unit consists of one non-flow-through common share in the capital of the Company (each, a "Share") and one non-flow-through common share purchase warrant (each, a "Warrant") with each Warrant entitling the holder thereof to acquire one additional non-flow-through common share in the capital of the Company at a price of $0.10 per share for a period of twenty four (24) months from the date of issuance.
In connection with the Placement, the Company paid aggregate finder's fees consisting of $18,316 in cash and issued 318,600 non-transferrable finder's warrants (each, a "Finder's Warrant"). Each Finder’s Warrant entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.10 per share for a period of 24 months from the date of issuance.
Leede Jones Gable Inc.received finder’s fees consisting of $12,556 cash and 222,600 Finder’s Warrants and Raymond James Ltd. received finder’s fees consisting of $5,760 cash and 96,000 Finder's Warrants.
The gross proceeds from the Placement are expected to be used to incur Canadian Exploration Expenses that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's Quebec projects located in the Chapais-Chibougamau area.
All securities issued pursuant to the Placement are subject to a four month and one day hold period in Canada. The Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has four gold properties in Quebec: JMW, New Mosher, Maxwell and Gaspe, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru. JMW, Maxwell and Gaspe are 100% owned by Gitennes. New Mosher is under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Wayne Holmstead (P.Geo.), who is a "qualified person" within the meaning of National Instrument 43-101.
For further information on the Company, readers are referred to the Company’s website at www.gitennes.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
Gitennes Exploration Inc.
“Ken Booth”
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of the Company. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the exercise of any property Options and to conduct exploration activities thereon. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory approvals (including of the TSX-V), permits or financing; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company’s periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.
Copyright (c) 2021 TheNewswire - All rights reserved.